Chapter 3 GST Input Tax Credit
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Chapter 3 GST Input Tax Credit
Last updated at Dec. 16, 2024 by Teachoo
Entry in case we are getting and not getting ITC is different. We will learn more about it in Chapter 4
Calculate Output Input and GST Payable IF ITC AVAILABLE IF NO ITC On Purchase of Stationary,we get ITC (Certain Expenses like Purchase of Food Items, there is no ITC Sales 10000+5000 GST Purchase 8000+4000 GST Stationary 6000+300 GST Output 5000 Less Input 4300 GST PAYABLE 700 Output 5000 Less Input 4000 GST PAYABLE 1000 Sales 10000+5000 GST Purchase 8000+4000 GST Food 6000+300 GST Less Tax More Tax Beneficial Not Beneficial teachoo.com
